Interest in Amplifon: the market is focusing on the benefits of the Gn Hearing deal

(Il Sole 24 Ore Radiocor) - Spotlight on Amplifon on the Milan Stock Exchange (FTSE MIB), which, after a slow start and a rally that saw the share rise to among the best performers on the market, is now trading close to par. Interest in the share follows comments by the CEO, Enrico Vita, who explained in Sunday’s edition of *La Repubblica* how, through the acquisition of GN Hearing, the group intends to rise to the challenge of technological innovation by investing in a company it considers at the forefront of innovation and the use of artificial intelligence, both for sound processing and for separating speech from background noise.

According to brokers at Banca Akros, the benefits of the deal are confirmed: synergies of €60–80 million, primarily in terms of insourcing costs; there will be no job cuts, as the two companies are complementary; GN Hearing’s independence will be preserved, so that it can remain a reliable partner for the entire market; GN Hearing will increase the group’s exposure to the United States by 30 per cent and enable entry into new markets such as Japan, South Korea and Brazil. In light of this, “we confirm our ‘Accumulate’ rating”.

According to Intermonte, “the messages that emerged from the interview are consistent with what was already communicated when the acquisition of GN Hearing was announced. However, the emphasis placed on the potential associated with AI, vertical integration and geographical expansion reinforces our conviction regarding the transformative nature of the deal, the benefits of which are already factored into our 2027–30 forecasts”. Analysts welcome “the reference to GN’s operational independence, a factor that should enable it to maintain its wholesale business with third-party retailers. At the same time, we expect that Amplifon, whilst gradually bringing production in-house and increasing the share of GN devices from the current 40 per cent to around 90 per cent of volumes sold, will retain a residual share of around 10 per cent with other suppliers, thereby preserving an adequate level of competitive pressure and continuing to foster product innovation”.